Debt resolution can be a daunting process for business owners – but thoughtful, proactive planning can help reduce overwhelm. In a recent Leadership Trust article for Phoenix Business Journal, Partner Lamar Hawkins outlines the paths businesses can take to strategically resolve debt.
Before committing to any debt resolution strategy, Lamar emphasizes the importance of asking, “What do I want for my tomorrow?” Answering this question can help create a tailored path forward, ensuring each step supports both immediate needs and long-term success.
In the article, Lamar pinpoints the three primary methods for resolving debt: workout, resolution (Chapter 11 Bankruptcy) and liquidation. He emphasizes that while each approach is effective, they are not one-size-fits-all solutions. Each option involves weighing the cost against control and consideration of the future business.
Lamar is one of the leading voices in Arizona for bankruptcy law and serves as Chair of the Arizona Board of Legal Specialization’s Bankruptcy Law Advisory Commission. His practice focuses on all phases of debt workout and bankruptcy services, including Chapter 11 and Subchapter V 11 reorganization, Chapter 7 liquidation, financial workout negotiation and creditors’ rights. He is recognized by Southwest Super Lawyers as well as Best Lawyers in America©.
Read the full Phoenix Business Journal Leadership Trust article to learn more about how businesses can resolve debt.